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        FEMA

        Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities

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        KYC AML obligations require specified non cash payment methods for authorised persons selling foreign exchange to customers. The circular clarifies that for sale of foreign exchange within a person's eligibility, Authorised Persons may accept payment only by crossed cheque on the sponsoring firm's bank account, banker's cheque, pay order, demand draft, debit card, credit card or prepaid card where the rupee payment exceeds the specified threshold; for multiple drawals within the permitted period, second and subsequent payments must be by these specified non cash instruments when the cumulative rupee payment exceeds the threshold.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                KYC AML obligations require specified non cash payment methods for authorised persons selling foreign exchange to customers.

                                The circular clarifies that for sale of foreign exchange within a person's eligibility, Authorised Persons may accept payment only by crossed cheque on the sponsoring firm's bank account, banker's cheque, pay order, demand draft, debit card, credit card or prepaid card where the rupee payment exceeds the specified threshold; for multiple drawals within the permitted period, second and subsequent payments must be by these specified non cash instruments when the cumulative rupee payment exceeds the threshold.


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